Swedish services PMI rises to 56.9 points in October – Silf/Swedbank
[1/2] Woman strolls through the Sodermalm area of Stockholm, Sweden October 22, 2020. Amir Nabizadeh/TT News Agency via REUTERS
STOCKHOLM, Nov 3 (Reuters) – Activity in Sweden’s services sector picked up in October from September, with the purchasing managers index (PMI) rising to 56.9 points from a revised 55.1 points the previous month, data by compilers Silf/ Swedbank showed on Thursday .All sub- indices rose in the month, above all the gauge for employment, while the data showed a continued and far-greater-than normal upward pressure on prices .”It is a surprisingly strong figure, not least concerning employment,” Jorgen Kennemar , responsible for purchasing managers index analysis at Swedbank , said in a statement.”But the trend in services activity is a downward one and the risk has on the contrary increased that we will see a weaker development ahead given the industrial decline and the eroding purchasing power of households .”
The composite index of the service and manufacturing sectors rose to 54.0 points in October from a revised 53.3 points.
All sub-indices rose in the month, above all the gauge for employment, while the data showed a continued and far-greater-than normal upward pressure on prices.
“It is a surprisingly strong figure, not least concerning employment,” Jorgen Kennemar, responsible for purchasing managers index analysis at Swedbank, said in a statement.
